Modern Mining February 2015

MINING News

African Copper signs loan agreement ore from Thakadu. The company intends mining ore at Mowana open pit that is substantially exposed from recent waste stripping activities, whichwill allow for cop- per production beyond July 2015 which is the estimated date at which the reserves at Thakadu are estimated to be depleted. Says African Copper: “These actions African Copper plc, an AIM-quoted mining company focused on Botswana, has signed a further secured loan facility of US$4,5 million from its controlling shareholder, ZCI. The purpose of the ZCI facility is to pro- vide the company with additional working capital as a result of difficult market con- ditions and associated cash flow shortfalls caused primarily by lower than planned production levels at its Thakadu mine.

give the business the highest prospects of getting through the current difficult market conditions and also a limited window of opportunity for restructuring the business for long term sustainabil- ity. The board recognises the significant mineral resources the company owns at Mowana and Thakadu, on which the basis of a new life of mine plan is currently being prepared.” 

Kinsevere pushes up its production by 12 % Annual production at MMG’s Kinsevere mine in Katanga in the DRC increased 12 % in 2014 to achieve new annual cop- per production and sales records. Full year production at Kinsevere of 69 624 tonnes of copper cathode was well above production guidance of 63 000 to 68 000 tonnes. Costs were also within guidance.

In light of the prevailing market con- ditions and more specifically the recent fall in the copper price, African Copper is currently conducting a review of its opera- tions in order to consider various short and long term strategies to address the group’s current and future funding requirements. As part of this ongoing review, the board is implementing efficiency and cost optimisation measures to improve liquid- ity and has taken the decision to suspend waste stripping activities at the Mowana open pit, with a strategy in the short term to focus on the remaining extraction of

by 17 % and 6 % respectively when com- pared to the previous quarter. Kinsevere General Manager Miles Naude said that the outstanding result was a reflec- tion of the operation’s dedicated team and continuing focus on operational excellence. “Our team has worked diligently throughout 2014 to sustainably increase mining and milling rates. Such an outstand- ing result – a 12 % increase in production during just the second full year of MMG ownership of Kinsevere – is a reflection of these efforts.” 

This result was assisted by an excellent fourth quarter, with production of 18 897 tonnes of copper, which was 17 % higher than during the same period in 2013. Mining rates and mill throughput increased

February 2015  MODERN MINING  11